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Press Releases
22-Jul-21
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Nippon Life India Asset Management Limited: [ICRA]A1+mfs assigned for Nippon India Ultra Short Duration Fund
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Rationale
ICRA has assigned a
rating of [ICRA]A1+mfs (pronounced ICRA A one plus m f s) to Nippon India Ultra
Short Duration Fund. Schemes with this rating are considered to have a very
strong degree of safety regarding the timely receipt of payments from the
investments made by them. The assigned rating is based on the portfolio of the
scheme with the credit score of the portfolio being comfortable at the assigned
rating level. Mutual fund ratings incorporate ICRA's assessment of the
creditworthiness of a debt mutual fund scheme's investment portfolio. These
ratings are a symbolic representation of the credit risk in the underlying investments
or the degree of safety regarding the timely receipt of payments from the
investments made by the mutual fund schemes. The ratings do not indicate the
asset management company's (AMC) and/or any of its scheme's willingness and/or
ability to make timely redemptions to its investors. The ratings do not address
the market risks and hence should not be construed as an indication of the
expected returns, the prospective performance of the mutual fund scheme, and
the ability to redeem the investments at the reported net asset value (NAV) or
the volatility in its past returns as all these are influenced by market risks.
ICRA's assessment of debt mutual fund schemes are guided by the credit ratings
of the individual investments, the relative share of the investments in the
overall assets under management (AUM) of the scheme and the maturity schedule
of such investments. The credit matrix is a tool used by ICRA for analysing the
investment portfolio of the debt mutual fund schemes by assessing the
portfolio's aggregate credit quality while reviewing the credit quality of each
underlying debt security. The portfolio's weighted average credit quality is
then measured against the appropriate benchmark credit score in the credit
matrix. Once a mutual fund scheme is rated and the rating is accepted, ICRA
reviews the underlying investment portfolios for the credit scores on an
ongoing basis. If the portfolio credit score meets the benchmark of the
existing rating, the rating is retained. If the portfolio credit score breaches
the benchmark credit matrix score for the current rating, ICRA communicates the
same to the fund manager/product manager or other officials of the concerned
AMC and may provide a month's time to bring the portfolio credit score within
the benchmark credit score for the current rating level. If the investment
composition of the fund is realigned to bring the portfolio credit score within
the benchmark credit score, the rating is retained. However, if the portfolio
continues to breach the benchmark credit score for the existing rating level,
the rating is revised to reflect the change in the portfolio's credit quality.
In case of sharp breaches of the benchmark credit score (for instance due to a
multi-notch downgrade in the underlying investment) and/or if ICRA believes
that the breach may not get rectified within a month of the ongoing review, the
rating is generally corrected immediately without giving a month's time for
rebalancing the portfolio.
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